Where is ANZ’s Corporate Social Responsibility?

CarpetLast week ANZ’s New Zealand chief executive, Graham Hodges, put iconic New Zealand company, Feltex, into receivership, meaning that

Finsec called on ANZ to support New Zealand communities and workers by reviewing its decision to appoint a receiver to Feltex Carpets. A good corporate citizen should weigh its responsibilities to the community more carefully. Feltex is an iconic New Zealand company. Up to 850 New Zealand jobs could be lost if the company is placed in receivership. So ANZ bank should review its decision, taking into account the effect on New Zealand workers and their communities.

ANZ bank has made $803 million off New Zealand in the nine months to June this year, so it can afford, if it chooses, to fund the one month of working capital needed by Feltex to allow shareholders to vote on the Turner brothers’ proposal.

(thanks to Daniel Andre for the photo)


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